Finotec News Archive - June 01 2009

GBP takes full advantage of worn-out U.S. dollar

U.K. house prices stopped falling in May for the first time in 20 months, adding to evidence the property market slump is abating, a survey of real-estate agents by Hometrack Ltd. showed.

Anthony Boyajian
01 June 2009

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Long signalShort signal
Buy a break of resistance level at 1.6500Sell a break of support level at 1.6300
GBP/USDBuy a break of resistance level at 1.6685Sell a break of support level at 1.6200
Buy a bounce at 1.6300 Sell a failure of breaking the resistance 1.6500

Fundamental U.K. house prices stopped falling in May for the first time in 20 months, adding to evidence the property market slump is abating, a survey of real-estate agents by Hometrack Ltd. showed. Average prices in England and Wales held at 155,600 pounds ($251,000) after they declined 0.3 percent in April, the London- based property researcher said in an e-mailed statement today. On the year, values dropped 9.6 percent.

Technical The U.K. currency gives us a strong buy signal after forming a higher high. Technically the market is in a clear uptrend as we can see strong demand in the market, based on technical indicators like RSI, which is in a bullish direction; MACD crosses the signal line and breaks equilibrium level. Bollinger gives us a buying signal by closing the candle above the middle band.

GBP/USD (Daily Chart) The primary tendency is in a clear uptrend.

GBP/USD (4 Hour Chart) The pair breaks standard error channel middle line.

GBP/USD (Hourly Chart) The Minor trend shows us a clear double bottom.

Resistance 1.6500 1.6685

Support 1.6300 1.6200

Finotec Analysis Team
01 June 2009

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